The Income-Tax Department has uncovered fraudulent exemption claims amounting to approximately ₹700 crore, prompting enhanced risk assessment in return processing. This has led to slower refund issuance, particularly for claims exceeding ₹10 lakh. Taxpayers are being notified to revise returns,…
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India’s long-term sovereign credit rating has been upgraded by Japan’s Rating and Investment Information, Inc. (R&I) from ‘BBB’ to ‘BBB+’, while the Outlook remains Stable, the Government of India announced today.
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The Chhattisgarh SGST department has exposed a significant GST evasion scheme orchestrated by GST consultant Mohmmad Farhan Sorathia, involving over 170 fictitious firms. These firms generated fake registrations and e-way bills, causing substantial losses to the state treasury, estimated at…
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To simplify securities transfer to legal heirs, SEBI introduces the ‘TLH’ reporting code, effective January 1, 2026. This standard code ensures transmissions from nominee to legal heir are correctly reported to the CBDT and not incorrectly taxed as capital gains.…
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Union Finance Minister Nirmala Sitharaman announced that upcoming GST reforms, effective September 22, will inject ₹2 lakh crore into the economy, boosting domestic consumption. These reforms, simplifying the GST structure, aim to benefit the poor, middle class, and MSMEs, aligning…
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The rationalisation is expected to reduce the prices of a large number of products and services. Crisil observed that moving from four slabs to two could expand the formal tax net and support buoyancy in collections over the medium term.
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